Manhattan, NY in the news
The asset at 480 Broadway (also known as 40 Crosby), will be fully renovated and repositioned as a boutique luxury office building. The Crosby will be one of the most desirable Manhattan office space locations in the area. KPG plans to create a dedicated entrance on Crosby Street, highlighting the prime location to potential tenants. Interior improvements will focus on high-end, luxury, pre-built office space, as well as premier retail space along Broadway.
Signature Bank has more than doubled its footprint at 1400 Broadway, adding 168,310 square feet to its existing 111,872 square feet in the building owned by Empire State Realty Trust. Following the closing of this new, 15-year lease, the New York-based bank will pay an asking rent of roughly $67 per square foot for a total of 280,182 square feet of Manhattan office space spread across 10 floors.
New York is determined to invest in meeting the needs of life sciences companies that are interested in expanding or moving to the region. Accordingly, there was 2.9 million square feet of dedicated life sciences office space in Manhattan and Queens alone, with an additional 1.4 million more at various stages in the pipeline, as well as more than 15 life sciences clusters across the entire metropolitan area.
Microsoft signed a lease for 150,000 square feet of office space in the 10-story Flatiron District tower at 122 Fifth Ave. in Union Square. The tech giant will occupy roughly half of the property — floors six through 10, which were previously leased to Barnes & Noble.
Paramount Group secured two new leases at 1301 Avenue of the Americas with French bank Credit Agricole and Boston-based SVB Leerink. The two deals filled roughly 190,000 square feet of vacant office space in the 45-story building, which was more than 71% leased as of June 30.
Law firm Kaufman Borgeest & Ryan recently closed a 15-year lease deal at Global Holding’s 875 Third Ave. The company will occupy 27,000 square feet of prime Manhattan office space, marking a significant downsizing from its current 48,000-square-foot lease at Silverstein Properties’ 120 Broadway.
Demand for office space is yet to catch up to the supply in Manhattan’s office market in the aftermath of the COVID-19 pandemic. However, several finance and tech companies have seized the opportunity to expand their footprints in newly renovated or developed trophy office buildings as they push for a wider return to office for their employees.
The law firm will occupy the 17th through 20th floors in the 1.7-million-square-foot trophy tower located between 52nd and 53rd streets in Midtown Manhattan. The move is scheduled to occur in late 2024 or early 2025.
In the first three quarters of 2022, the nationwide office sales volume totaled $69.3 billion. It was led by Manhattan with transaction totals reaching $5.45 billion. Overall, office sales in the third quarter were down $6 billion from the previous three months and were halved compared to totals reached in the previous two years.
Marx Realty recently closed on three more lease deals with fintech companies at 10 Grand Central in Midtown
A group of investors, led by Empire Capital Holdings, has landed a $215 million loan from Deutsche Bank for a 40-story Manhattan office building. The move allows the joint venture — which also includes the likes of CH Capital Group, Creed Equities and Nassimi Realty — to finance its $320 million acquisition of 1330 Avenue of the Americas.
Newmark has brokered a financing deal totaling $150 million for the reconversion of the Textile Building in Midtown Manhattan.with Deutsche Pfandbriefbank — a German bank that specializes in real estate and public sector financing — as the lender.
The company will occupy the entire 25th floor, as well as parts of the 24th floor, in the 30-story Midtown office building for a total footprint of 46,000 square feet.
NYC is the site of seven of the 10 tallest projects that are proposed or under construction, including the entire top five. The first in terms of height will be the 1,663-foot-tall Affirmation Tower, a planned mixed-use skyscraper in Hudson Yards.
Global investment company KKR will be increasing its footprint at its Manhattan headquarters. The firm — which already occupies approximately 300,000 square feet of space at 30 Hudson Yards — signed a lease deal for an additional 200,000 square feet to move into the office space that social media giant Meta recently vacated.
With a sale price of $1.77 billion, 245 Park Ave. in Manhattan was last year’s most expensive office building sale by a considerable margin.
Competition is fierce at the top: Manhattan and Boston have been very close in terms of their sheer amount of square feet currently in the pipeline. Both are set to deliver close to 13 million square feet of new office space to their respective markets in the near future.
Rudin Management announced a new lease at its Midtown office building at 3 Times Square: Touro University signed a 30-year deal to expand its already-significant footprint in the 30-story building by an additional 66,000 square feet.
The 14-story Manhattan office tower had been jointly owned by five companies: GFP Real Estate, Newmark, Sorgente Group, ABS Partners Real Estate and Nathan Silverstein. When the property’s longtime anchor tenant moved out, the owners had conflicting views about the future of the building.
Marx Realty announced the signing of two new leases at 10 Grand Central: Law firm Lewis Baach Kaufmann Middlemiss and glass partition manufacturer MetroWall will be moving into the 432,381-square-foot Midtown office space.
Related Co. recently closed on a string of lease deals totaling roughly 77,000 square feet of prime Manhattan office space at 50 and 55 Hudson Yards.
The company will be relocating from its previous premises near the Penn Station area by the end of this year, when it will occupy 7,000 square feet of prime Midtown office space on the 16th floor of the Marx Realty-owned skyscraper. Asking rent was $82 per square foot.
After a quarter of a century spent at the 14 Penn Plaza, Mueser Rutledge Consulting Engineers (MRCE) has decided to continue calling the Midtown office building its home for the next 15 years. The structural engineering firm renewed its lease for 40,000 square feet of space at the Circle Realty Group-owned office tower.
Since its renovation work at Penn 1, Vornado managed to lease out 700,000 square feet in the 57-story building. The tenant roster includes the likes of Dell, Empire Heath, Gusto, Hartford Insurance, Jacobs Engineering, Morgan Stanley and Wells Fargo.
Tower 40 — a 431,350-square-foot Manhattan office space — recently signed agreements for four new leases totaling roughly 47,160 square feet. Formerly known as Chase Tower, the property is located at 10 E. 40th St. and is currently owned by Madison International Realty in partnership with Joseph P. Day Realty.
Japanese real estate developer Mori Trust acquired a minority share in 245 Park Ave., a 44-story Midtown office space acquired by SL Green Realty in a bankruptcy sale last year.
The biomedical research unit and medical school of Weill Cornell Medicine now occupies 300,000 square feet of office space in Manhattan and is the largest tenant at the 35-story 575 Lexington Avenue building.
The company recently expanded its Manhattan office lease for an additional 15 years and an overall footprint of 150,000 square feet at 200 Hudson St.
GNY Mutual Insurance will occupy more than 50,000 square feet of Manhattan office space in the recently modernized New York skyline icon.
